Europe

MOSCOW: Russian gas giant Gazprom has cut its 2016 natural gas output plan to an all-time low of 409.8 billion cubic metres, the company said in a regulatory filing on Monday. According to it forecast made in May, Gazprom had planned to extract 452.5 bcm of natural gas in 2016, up from 418.5 bcm last year. Copyright Reuters, 2016 ...

LONDON: Oil held steady around three-month lows on Monday, as the prospect of another year of oversupply and weak prices overshadowed chances that OPEC will reach a deal to cut output.Donald Trump's surprise victory in last week's U.S. presidential election has boosted stocks and the dollar, but undermined much of the commodities complex, including oil, which has sagged as expectations that the world's largest exporters will agree to reduce output this month have waned.Brent crude ...

LONDON: OPEC on Friday reported an increase in its oil production in October to another record high despite its plan to cut output, pointing to an even larger surplus on the market next year. The Organization of the Petroleum Exporting Countries pumped 33.64 million barrels per day (bpd) last month, according to figures OPEC collects from secondary sources, up 240,000 bpd from September, OPEC said in a monthly report. At a meeting in Algeria on ...

LONDON: Oil prices dipped on Friday as the market refocused on a persistent fuel supply overhang that is not expected to abate unless OPEC and other producers cut their output significantly. International Brent crude futures traded at $45.70 per barrel at 0945 GMT, down 14 cents from their last close. US West Texas Intermediate (WTI) crude futures were trading 29 cents lower at $44.37 per barrel, weighed down by weakening US demand. "This week, both ...

LONDON: Trading in Nigerian grades was muted while heavy Angolan grades were nearly sold out on the back of stronger fuel oil margins in Asia due to low supplies. Singapore benchmark fuel oil refining margins turned positive on Wednesday for the first time in over four years due to a surprise drop in oil prices as Republican Donald Trump edged ahead in the US presidential election. In a vain attempt to halt the continuing slide ...